The Madrid City Council, through the website of the Municipal Housing and Land Company (EMVS Madrid), has opened the deadline for all Madrid residents with average incomes to register for the raffle. Iberia Loreto 1a new promotion with 52 public housing affordable rental located in the Barajas district.
Registration for this draw must be done before June 11exclusively electronically, through the EMVS Madrid website. The draw will be held before a notary at the end of that same month.
The initiative represents a change of focus in municipal housing policies, traditionally aimed at vulnerable or low-income groups. On this occasion, the objective is to respond to the growing difficulties faced by thousands of workers and families with stable income who, despite having a job, cannot access a rental in acceptable conditions inside Madrid.
The delegate of Housing Policies and president of EMVS Madrid, Alvaro Gonzalezhas defended that this new promotion seeks to cover “a gap” that affects more and more Madrid residents. As he explained, many people with average salaries They are currently trapped between skyrocketing rental prices and public programs that until now did not contemplate this economic profile.
The promotion Iberia Loreto 1 has had an entirely municipal investment close to the 15 million euros and it becomes the first EMVS Madrid project aimed specifically at this segment of the population.
Economist Santiago Carbó analyzes the current situation of the real estate market. It warns of “significant increases” in purchase prices and explains how shortages and high rental and mortgage costs eat into families’ wage increases.
Furthermore, the City Council highlights that the building incorporates industrialized wood systems, becoming one of the most innovative public developments built in the capital. The works were completed in just 17 months from the laying of the first stone.
The residential complex has 52 homes —16 with two bedrooms and 36 with three bedrooms—, as well as storage rooms, parking spaces and bicycle racks. Four of the floors are adapted for people with reduced mobility.
One of the main attractions of this promotion is the rental price. According to municipal estimates, the Monthly rents will range between 700 and 1,000 eurosincluding garage space. The final amount will depend on the size of the home. The City Council has also set a limit to guarantee affordability: no successful bidder will allocate more than 30% of his or her family unit’s income to pay rent.
The measure seeks to facilitate the residential stability of young families and workers who, despite having average incomes, face prohibitive prices in neighborhoods of Madrid where rent remains strained.
In parallel, EMVS Madrid has reserved 12 homes for large familieswithin a strategy that aims to promote access to housing for households with greater space needs.
The conditions to participate in the draw establish that Madrid residents may opt. up to 50 years old and families with minor children whose income exceeds 3.5 times the IPREM and does not exceed 5.5 times that indicator. This means, for example, that a family made up of two adults and two children will be able to access these homes as long as their gross annual income does not exceed approximately 68,000 euros.
In addition, applicants must prove a long connection with the city. It will be mandatory to be registered in Madrid for at least five uninterrupted years or have resided eight years within the last decade. Another important requirement is not to be the owner or usufructuary of another home in national territory.
The rules of the draw also include restrictions related to background linked to housing. No member of the family unit may have been convicted of crimes related to illegal occupation, non-payment of rent or serious cohabitation conflicts that have led to eviction procedures during the last five years.
The Consistory considers that these conditions seek guarantee coexistence and the good use of public housing. All information regarding the registration process, requirements and necessary documentation can be consulted on the EMVS Madrid website.
The launch of Iberia Loreto 1 comes at a time of strong pressure on the Madrid real estate market. The continued increase in rental prices is driving many residents towards peripheral municipalities and making the emancipation of young people and families with average income especially difficult.
With this new formula, the City Council intends to expand access to public housing beyond the vulnerable groups and respond to an increasingly widespread reality: that of workers with stable employment who cannot afford free market prices.
